Given the rate at which the novel Coronavirus is permeating in the nation, the rise seems unpredictable. This virus is known to affect the respiratory tract of the individuals; hence, hospitalization can include the need to supplement oxygen. The average medical cost of getting a good treatment can range from anywhere between 10 to 20 lakhs and might exceed further.
A sudden expense of such an amount can give a person a huge financial setback. While the existing healthcare insurance covers the person and the family, a need for an extension seems inevitable. One way to extend the primary health insurance
cover can be top-up coronavirus insurance coverage or super top-up health insurance.
Top-up insurance vs Super top-up policy:
The basic difference between the two is that a top-up plan runs on an additional premium amount, which is much lower than the regular health covers. It’s like an indemnity plan. This is over and above an existing base cover, and will provide insurance against a particular scenario, here that is the novel Coronavirus. It’s referred to as Covid-19 Health Insurance.
Whereas a super top-up provides insurance against a single claim that goes beyond the threshold of the existing cover. It considers the total of all the medical bills, regardless of the type of illness, and get activated when the existing cover reaches its limit.
Let’s understand this with an example:
Mr. Kumar has a medical claim of INR 7 Lakhs and top-up insurance of INR 6 lakhs. When he gets hospitalized the expense incurred is INR 8 Lakhs. So, while the amount of 5 lakhs is covered in the base claim, the excess amount will be covered by the top-up insurance.
Now, if Mr. Kumar gets hospitalized more than once in a year, one time the expense is 6 lakhs and the other time it is INR 3 lakhs. Here, the base plan will reach its threshold in the second time and will only cover an amount of INR 1 Lakh. This is when a super top-up plan comes into the picture and saves the day.
It completely depends upon the requirement of the person, whether a top-up or a super top-up healthcare cover will suffice the current requirement.
Benefits of top-up health insurance during COVID-19
- The COVID-19 specific Coronavirus Health Insurance top-up policy will cover you beyond the current healthcare cover against the novel contagion. This policy will act as a preventive measure considering the unpredictable nature of the spread.
- All the hospitalization expenses that will be caused in availing the best facilities shall be covered under the top-up plan. It will fill in the gap between the base health insurance and the exceeding charges for COVID-19 treatment.
- In addition to this, a top-up plan will cover the charges for an emergency ambulance, pre and post-hospitalization expenses.
- Another advantage is that a top-up policy offers coverage for an entire family.
- A top-up Coronavirus Health Insurance can be issued for a lesser amount and even a smaller time frame.
- It will not call for an overall extensive medical screening process and provides tax benefits as well.
- The entry age for the coverage exceeds up to 80 years.
- The person can renew the policy according to the needs for a lifetime.
- Hassle-free purchase or renewal of the policy via a simple website or an app.
Waiting period and exclusions for Coronavirus:
Since the health insurance for Coronavirus
coverage is an extension of the existing plan, it will specifically cover the expenses incurred during the Coronavirus infection. It can be activated before you fall prey to the disease.
While medical bills during hospitalization are included, treatment from home remains excluded from the policy. You can check out the plans for the same online including all the necessary details, with terms and conditions.
The waiting period to avail this top-up insurance can be 3 to 12 months and if you get infected by the virus during this time, you will not be covered by the insurance. It is highly recommended for you to check out the terms and conditions of the policy to stay assured.
A little extra can come in handy in critical situations!
These unprecedented times has left people in a deep state of shock, the possibility of the novel contagion getting to anyone cannot be neglected. While each one of us is following all possible preventive measures, even the slightest probability of the virus occurrence is a threat. And, we can all agree upon the fact that prevention is always better than cure so, going for health insurance for Coronavirus is a step forward to ensure the maximum safety of you and your family.
For all of us, protecting the family and ourselves has become more imperative than ever. Ensuring that in case of emergency, the best healthcare facilities are insured is the point of concern, for which getting dedicated a plan such as the Corona Kavach policy
is a good idea. Therefore, it is important to free yourself from the financial burden that the treatment will include.
Considering a long-term healthcare insurance policy, might not be a solution to this, a top-plan perfectly fits the bill. It specifically ensures that the medical bills, especially relating to Coronavirus are covered.
Stay safe, stay vigilant, and discover details about the best Covid-19 health insurance in the market.